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Cigarette manufacturing giant likely to meet FBR chief today

Cigarette manufacturing giant likely to meet FBR chief today

ISLAMABAD: A meeting of a leading cigarette manufacturing giant with the Federal Board of Revenue Chairman is likely to take place here on Wednesday (today) to discuss ways and means to generate additional Rs 12 billion Federal Excise Duty (FED) in 2013-14 as committed by cigarette manufacturers in last budget. The meeting is likely at FBR House.

The FBR is of the view that as to why documented cigarette industry has failed to achieve the required growth in revenue collection as committed by the cigarette manufacturers in budget (2013-14). Secondly, the FED slabs were revised in last budget on the suggestions of the said cigarette company, but additional revenue to the tune of Rs 12 billion has not been collected. The revenue position in first half of 2013-14 reflected that one cigarette manufacturer only achieved below 10 percent growth in revenue whereas the second company has shown better performance during this period. However, the current FED trends shows that the additional measures are required to collect additional Rs 12 billion FED in the remaining period of 2013-14.